The rapid development of new energy vehicles (NEVs) has propelled power batteries, a crucial component, into the spotlight, with cost and performance being key considerations. Among the battery options, lithium iron phosphate (LFP) batteries have emerged as a frontrunner due to their advantages of low cost and long lifespan. However, since 2023, a combination of factors has triggered a precipitous decline in LFP battery prices, exceeding 70%, sending shockwaves through the industry.
![lithium battery cell from ene tech](https://enetcl.com/wp-content/uploads/2023/10/LF280k-3.2V-280Ah-lithium-battery-from-ENE-TECH-2023.09.05.jpeg)